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Item 1. Financial Statements

2025-08-13 compared with 2025-05-15 · 513 added, 241 removed, 1159 unchanged (39% of the section changed)

5 unchanged sentences

Statements of Assets and Liabilities

March 31, 2025 (Unaudited) and December 31, 2024

-1x Short VIX Futures ETF

9 unchanged sentences

Other receivable

$ 288,833,075

$ 192,638,186

$ 321,191,967

$ 188,605,238

Variation margin payable

Fund shares redeemed

Management fees payable

Payable to Sponsor

Administrative, accounting and custodian fees payable

31 unchanged sentences

* Investments in securities, at cost

(1) Adjusted to reflect a 1:10 reverse stock split on January 15, 2025, as if it occured at the commencement of operations.

$ 143,237,062

$ 113,974,059

(1) Adjusted to reflect a 1:10 reverse stock split on January 15,

2025, as if it occurred at the commencement of operations.

See accompanying notes to the financial statements.

Statements of Operations

For the Three Months Ended March 31, 2025 (Unaudited)

and March 31, 2024 (Unaudited)

For the Three Months Ended June 30, 2025 (Unaudited)

and June 30, 2024 (Unaudited)

-1x Short VIX Futures ETF

20 unchanged sentences

( 5,105,107 )

( 29,512,794 )

Net change in unrealized appreciation (depreciation) of:

( 89,185,485 )

Net realized and unrealized gain (loss) on investments and futures contracts

( 49,182,348 )

( 94,290,592 )

( 25,805,525 )

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

$ ( 48,510,696 )

$ ( 94,608,422 )

$ ( 25,946,113 )

See accompanying notes to financial statements.

Statements of Operations

For the Six Months Ended June 30, 2025 and June

30, 2024 (Unaudited)

-1x Short VIX Futures ETF

2x Long VIX Futures ETF

-1x Short VIX Futures ETF

2x Long VIX Futures ETF

Six Months Ended

INVESTMENT INCOME

Interest income

Management fees

Administrative, accounting and custodian fees

Professional fees

Licensing and registration fees

Total Expenses

Net Investment income (loss)

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FUTURES CONTRACTS

Net realized gain (loss) on:

( 3,484,146 )

( 6,756,441 )

( 98,163,632 )

( 60,257,560 )

Net change in unrealized appreciation (depreciation) of:

( 86,498,592 )

( 4,533,352 )

Net realized and unrealized gain (loss) on investments and futures contracts

1 unchanged sentence

( 13,526,051 )

( 55,663,848 )

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

1 unchanged sentence

$ ( 13,589,613 )

$ ( 56,009,152 )

See accompanying notes to the financial statements.

Statement of Changes in Net Assets

For the Three Months Ended March 31, 2025 (Unaudited) and March 31,

Statements of Changes in Net Assets

For the Three Months Ended June 30, 2025 and June

30, 2024 (Unaudited)

8 unchanged sentences

INCREASE (DECREASE) IN NET ASSETS:

Net investment income (loss)

Net investment gain (loss)

$ ( 317,830 )

3 unchanged sentences

( 5,105,107 )

Net change in unrealized appreciation (depreciation) of investments and futures contracts

( 29,512,794 )

Net change in unrealized appreciation (depreciation) of investments and futures contracts

( 89,185,485 )

2 unchanged sentences

( 94,608,422 )

( 25,946,113 )

CAPITAL SHARE TRANSACTIONS

1,043,390,295

Shares redeemed

3 unchanged sentences

( 70,175,910 )

increase (decrease) in net assets from capital share transactions

Net increase in net assets from capital share transactions

Total increase (decrease) in net assets

( 18,939,414 )

Beginning of Period

End of Period

$ 268,947,186

Total increase (decrease) in net assets

$ 596,989,784

$ 186,683,075

See accompanying notes to the financial statements.

Statements of Changes in Net Assets

For the Six Months Ended June 30, 2025 and June

30, 2024 (Unaudited)

-1x Short VIX Futures ETF

2x Long VIX Futures ETF

-1x Short VIX Futures ETF

2x Long VIX Futures ETF

Six Months Ended

INCREASE (DECREASE) IN NET ASSETS:

Net investment income (loss)

$ ( 115,678 )

$ ( 345,304 )

Net realized gain (loss) on investments and futures contracts

( 101,647,778 )

( 60,257,560 )

Net change in unrealized appreciation (depreciation) of investments and futures contracts

( 86,498,592 )

( 3,861,016 )

Net increase (decrease) in net assets resulting from operations

( 80,711,519 )

( 13,589,613 )

( 56,009,152 )

CAPITAL SHARE TRANSACTIONS

1,168,099,472

1,562,223,528

Shares redeemed

( 1,118,564,590 )

( 1,139,355,390 )

( 183,846,694 )

( 90,812,970 )

Net increase in net assets from capital share transactions

Total increase (decrease) in net assets

( 31,176,637 )

Beginning of Period

2 unchanged sentences

$ 596,989,784

$ 186,683,075

See accompanying notes to the financial statements.

Statements of Cash Flows

For the Three Months Ended March 31, 2025 (Unaudited) and March 31,

For the Three Months Ended June 30, 2025 and June

30, 2024 (Unaudited)

11 unchanged sentences

$ ( 94,608,422 )

$ ( 25,946,113 )

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities

8 unchanged sentences

Decrease (Increase) in Deposits at broker for futures and options contracts

Decrease (Increase) in Variation margin receivable

( 22,210,123 )

( 315,252,018 )

( 73,044,072 )

( 8,610,768 )

Decrease (Increase) in Variation margin receivable

Decrease (Increase) in interest receivable

1 unchanged sentence

Decrease (Increase) in Prepaid expenses and other assets

Increase (Decrease) in Due to Other

Increase (Decrease) in Variation margin payable

( 3,655,035 )

Increase (Decrease) in Payable to Sponsor

4 unchanged sentences

( 49,890,582 )

( 476,879,440 )

( 61,729,868 )

( 33,691,838 )

CASH FLOW FROM FINANCING ACTIVITIES

Proceeds from shares sold, net of cost from shares purchased

Cost of shares redeemed

Proceeds from shares sold, net of receivable for shares sold

1,018,397,048

Cost of shares redeemed, net of payable for fund shares redeemed

( 748,288,765 )

1 unchanged sentence

( 87,250,271 )

( 70,175,910 )

Net cash provided by (used in) financing activities

NET INCREASE (DECREASE) IN CASH

( 2,195,313 )

( 3,333,399 )

Beginning of Period

End of Period

See accompanying notes to the financial statements.

Statements of Cash Flows

For the Six Months Ended June 30, 2025 and June

30, 2024 (Unaudited)

-1x Short VIX Futures ETF

2x Long VIX Futures ETF

-1x Short VIX Futures ETF

2x Long VIX Futures ETF

Six Months Ended

CASH FLOW FROM OPERATING ACTIVITIES

Net increase (decrease) in net assets resulting from operations

$ ( 80,711,519 )

$ ( 13,589,613 )

$ ( 56,009,152 )

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities

Purchase of investments

( 1,158,003,446 )

( 969,786,830 )

( 345,494,235 )

( 171,901,444 )

Proceeds from sales or maturities of investments held

1,178,611,417

Net realized gain/loss on investments in options

Net change in unrealized appreciation/depreciation on investments in options

Decrease (Increase) in Deposits at broker for futures and options contracts

( 309,695,717 )

( 22,689,409 )

( 1,378,784 )

Decrease (Increase) in Variation margin receivable

( 2,370,919 )

( 1,212,627 )

Decrease (Increase) in interest receivable

Decrease (Increase) in other receivables

Decrease (Increase) in Prepaid expenses and other assets

Increase (Decrease) in Due to Custodian

Increase (Decrease) in Variation margin payable

( 3,655,035 )

Increase (Decrease) in Payable to Sponsor

Increase (Decrease) in Administrative, accounting and custodian fees payable

Increase (Decrease) in Professional fees payable

Increase (Decrease) in Licensing and registration fees payable

Net cash provided by (used in) operating activities

( 33,029,302 )

( 399,064,327 )

( 4,500,060 )

( 68,726,366 )

CASH FLOW FROM FINANCING ACTIVITIES

Proceeds from shares sold, net of receivable for shares sold

1,168,099,472

1,537,230,280

Cost of shares redeemed, net of payable for fund shares redeemed

( 1,135,070,170 )

( 1,139,355,390 )

( 193,294,094 )

( 90,812,970 )

Net cash provided by (used in) financing activities

NET INCREASE (DECREASE) IN CASH

4 unchanged sentences

See accompanying notes to the financial statements.

-1x Short VIX Futures

-1x Short VIX Futures ETF

Schedule of Investments

March 31, 2025 (Unaudited)

Amount Contracts Value

as of June 30, 2025 (Unaudited)

Notional Amount Contracts Value

PURCHASED OPTIONS - 0.5%

12 unchanged sentences

$ 268,947,186

Percentages are stated as a percent of net assets.

are stated as a percent of net assets.

(a) Exchange-traded.

(b) 100 shares per contract.

(d) Fair value of this security exceeds 25% of the Fund’s net assets.

Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov.

(e) Includes cash of $154,592,364 that is pledged as collateral for options and futures contracts.

See accompanying notes to the financial statements.

-1x Short VIX Futures

(e) Includes cash of $176,802,487 that is pledged as collateral for options and

futures contracts.

-1x Short VIX Futures ETF

Schedule of Futures Contracts

March 31, 2025 (Unaudited)

Description Contracts

Sold Expiration

Date Notional

Value Value /

(Depreciation)

CBOE Volatility Index ( 7,307 ) 04/16/2025 $ 151,912,530 $ ( 3,760,957 )

CBOE Volatility Index ( 6,642 ) 05/21/2025 135,961,740 ( 6,249,182 )

June 30, 2025 (Unaudited)

Description Contracts Sold Expiration Date Notional Value Value / Unrealized Appreciation (Depreciation)

CBOE VIX FUTURE Aug25 ( 6,196 ) 08/20/2025 $ 124,353,720 $ 3,544,500

CBOE VIX FUTURE Jul25 ( 7,745 ) 07/16/2025 144,599,150 11,272,636

Net Unrealized Appreciation (Depreciation) $ 14,817,136

Summary of Fair Value Disclosure as of March

Summary of Fair Value Disclosure as of June

30, 2025 (Unaudited)

-1x Short VIX Futures ETF has adopted authoritative

fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value.

-1x Short VIX Futures ETF (the “Fund”)

has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value.

These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair

2 unchanged sentences

These inputs are summarized in the three broad levels listed below.

The inputs or methodology used for valuing

securities are not an indication of the risk associated with investing in those securities.

The inputs or valuation methodology used

for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active

7 unchanged sentences

liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions

a market participant would use in valuing the asset or liability, and would be based on the best information available.

a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation

hierarchy of the Fund’s securities as of March 31, 2025:

hierarchy of the Fund’s securities as of June 30, 2025:

Purchased Options

1 unchanged sentence

Total Investments

$ 111,792,800

Other Financial Instruments:

Futures Contracts*

( 10,010,139 )

Total Other Financial Instruments

$ ( 10,010,139 )

* The fair value of the Fund's investment represents the net unrealized

appreciation (depreciation) as of March 31, 2025.

Refer to the Schedule of Investments for further disaggregation of

investment categories.

See accompanying notes to the financial statements.

* The fair value of the Fund’s investment represents the unrealized

appreciation (depreciation) as of June 30, 2025.

Refer to the Schedule

of Investments for further disaggregation of investment categories.

-1x Short VIX Futures ETF

18 unchanged sentences

(a) Exchange-traded.

(b) 100 shares per contract.

shares per contract.

(d) Fair value of this security exceeds 25% of the Fund’s net assets.

Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov.

(e) Includes cash of $206,471,251 that is pledged as collateral for options and futures contracts.

See accompanying notes to the financial statements.

(d) Fair value of this security exceeds 25% of the Fund’s

Additional information for this security, including the financial statements, is available from the SEC’s

EDGAR database at www.sec.gov.

(e) Includes cash of $206,471,251 that is pledged as collateral

for futures contracts.

See accompanying notes to financial statements.

-1x Short VIX Futures ETF

1 unchanged sentence

December 31, 2024

Description Contracts

Sold Expiration

Date Notional

Value Value /

(Depreciation)

Description Contracts Sold Expiration Date Notional Value Value / Unrealized Appreciation (Depreciation)

CBOE VIX FUTURE Feb25 ( 6,959 ) 02/19/2025 $ 124,496,510 $ ( 919,561 )

2 unchanged sentences

Summary of Fair Value Disclosure as of December

-1x Short VIX Futures ETF has adopted authoritative fair value

accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value.

standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value,

a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for

major security types.

-1x Short VIX Futures ETF has adopted authoritative

fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value.

These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair

value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels

for major security types.

These inputs are summarized in the three broad levels listed below.

The inputs or methodology used for valuing securities

are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical

assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level

1 that are observable for the asset or liability, either directly or indirectly.

These inputs may include quoted prices for the identical

instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default

rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent

relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant

would use in valuing the asset or liability, and would be based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund’s

securities as of December 31, 2024:

The inputs or methodology used for valuing

securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active

markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted

prices included in Level 1 that are observable for the asset or liability, either directly or indirectly.

These inputs may include quoted

prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk,

yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or

liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions

a market participant would use in valuing the asset or liability, and would be based on the best information available.

The following is a summary of the fair valuation

hierarchy of the Fund’s securities as of December 31, 2024:

Purchased Options

10 unchanged sentences

$ ( 5,346,909 )

fair value of the Fund’s investment represents the net unrealized appreciation (depreciation) as of December 31, 2024.

Refer to the Schedule of Investments for further disaggregation of

investment categories.

See accompanying notes to the financial statements.

* The fair value of the Fund’s investment represents the net unrealized

appreciation (depreciation) as of December 31, 2024.

Refer to the Schedule of Investments for further

disaggregation of investment categories.

See accompanying notes to financial statements.

2x Long VIX Futures ETF

Schedule of Investments

March 31, 2025 (Unaudited)

as of June 30, 2025 (Unaudited)

SHORT-TERM INVESTMENTS - 24.0%

1 unchanged sentence

First American Government Obligations Fund - Class X, 4.25 % (a)(b)

$ 143,237,062

TOTAL SHORT-TERM INVESTMENTS (Cost $ 143,237,062 )

TOTAL INVESTMENTS - 24.0 % (Cost $ 143,237,062 )

Other Assets in Excess of Liabilities - 60.9 %

Other Assets in Excess of Liabilities - 76.0 % (c)

TOTAL NET ASSETS - 100.0 %

1 unchanged sentence

Percentages are stated as a percent of net assets.

(a) The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

(b) Fair value of this security exceeds 25% of the Fund’s net assets.

Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov.

(a) The rate shown represents the 7-day annualized effective

yield as of June 30, 2025.

(b) Fair value of this security exceeds 25% of the Fund’s

Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database

at www.sec.gov.

See accompanying notes to the financial statements.

2x Long VIX Futures ETF

Schedule of Futures Contracts

March 31, 2025 (Unaudited)

June 30, 2025 (Unaudited)

Description Contracts Purchased Expiration Date Notional Value Value / Unrealized Appreciation (Depreciation)

CBOE Volatility Index 8,804 04/16/2025 $ 183,035,160 $ 2,307,094

CBOE Volatility Index 8,003 05/21/2025 163,821,410 8,647,505

CBOE VIX FUTURE Aug25 27,511 08/20/2025 $ 552,145,770 $ ( 15,041,964 )

CBOE VIX FUTURE Jul25 34,388 07/16/2025 642,023,960 ( 63,188,922 )

Net Unrealized Appreciation (Depreciation) $ ( 78,230,886 )

Summary of Fair Value Disclosure as of March

Summary of Fair Value Disclosure as of June

30, 2025 (Unaudited)

2x Long VIX Futures ETF has adopted authoritative

fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value.

2x Long VIX Futures ETF (the “Fund”)

has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value.

These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair

2 unchanged sentences

These inputs are summarized in the three broad levels listed below.

The inputs or methodology used for valuing

securities are not an indication of the risk associated with investing in those securities.

The inputs or valuation methodology used

for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active

7 unchanged sentences

liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions

a market participant would use in valuing the asset or liability, and would be based on the best information available.

a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation

hierarchy of the Fund’s securities as of March 31, 2025:

hierarchy of the Fund’s securities as of June 30, 2025:

Money Market Funds

2 unchanged sentences

Futures Contracts*

( 78,230,886 )

Total Other Financial Instruments

* The fair value of the Fund's investment represents the net unrealized

appreciation (depreciation) as of March 31, 2025.

Refer to the Schedule of Investments for further disaggregation of

investment categories.

See accompanying notes to the financial statements.

( 78,230,886 )

* The fair value of the Fund’s investment represents the unrealized

appreciation (depreciation) as of June 30, 2025.

Refer to the Schedule of Investments for further disaggregation

of investment categories.

2x Long VIX Futures ETF

Schedule of Investments

December 31, 2024

as of December 31, 2024

SHORT-TERM INVESTMENTS - 28.1%

11 unchanged sentences

See accompanying notes to the financial statements.

2x Long VIX Futures ETF

Schedule of Futures Contracts

See accompanying notes to financial statements.

VIX Futures ETF

of Open Futures Contracts

December 31, 2024

Description Contracts

Purchased Expiration

Date Notional

Value Value /

(Depreciation)

Description Contracts Purchased Expiration Date Notional Value Value / Unrealized Appreciation (Depreciation)

CBOE VIX FUTURE Feb25 8,706 02/19/2025 $ 155,750,340 $ ( 984,305 )

2 unchanged sentences

Summary of Fair Value Disclosure as of December

2x Long VIX Futures ETF has adopted authoritative fair value accounting

standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value.

These standards

require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion

of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security

2x Long VIX Futures ETF has adopted authoritative

fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value.

These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair

value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels

for major security types.

These inputs are summarized in the three broad levels listed below.

The inputs or methodology used for valuing securities are not

an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets

for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level

1 that are observable for the asset or liability, either directly or indirectly.

These inputs may include quoted prices for the identical

instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default

rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent

relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant

would use in valuing the asset or liability, and would be based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund’s

securities as of December 31, 2024:

The inputs or methodology used for valuing

securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active

markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted

prices included in Level 1 that are observable for the asset or liability, either directly or indirectly.

These inputs may include quoted

prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk,

yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or

liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions

a market participant would use in valuing the asset or liability, and would be based on the best information available.

The following is a summary of the fair valuation

hierarchy of the Fund’s securities as of December 31, 2024:

Money Market Funds

8 unchanged sentences

$ ( 984,305 )

fair value of the Fund’s investment represents the net unrealized appreciation (depreciation) as of December 31, 2024.

Refer to the Schedule of Investments for further disaggregation of

investment categories.

See accompanying notes to the financial statements.

* The fair value of the Fund’s investment represents the net unrealized

appreciation (depreciation) as of December 31, 2024.

Refer to the Schedule of Investments for further

disaggregation of investment categories.

See accompanying notes to financial statements.

NOTES TO FINANCIAL STATEMENTS

March 31, 2025 (unaudited)

June 30, 2024 (Unaudited)

NOTE 1 - ORGANIZATION

2 unchanged sentences

the “Funds”).

As of March 31, 2025, the following two series of the Trust have commenced investment operations:

VIX Futures ETF (“SVIX”) and 2x Long VIX Futures ETF (“UVIX”).

As of June 30, 2025, the following two series of the Trust have commenced investment operations:

-1x Short VIX

Futures ETF (“SVIX”) and 2x Long VIX Futures ETF (“UVIX”).

Each of the Funds listed above issues common units

68 unchanged sentences

The cash amount shown in the Statements of Cash

Flows is the amount reported as cash in the Statements of Financial Condition dated March 31, 2025, and December 31, 2024, and represents

Flows is the amount reported as cash in the Statements of Financial Condition dated June 30, 2025, and December 31, 2024, and represents

cash, but does not include short-term investments.

1 unchanged sentence

The cut-off times and the times of the calculation

of the Funds’ final net asset value for creation and redemption of fund Shares for the three months ended March 31, 2025, were typically

of the Funds’ final net asset value for creation and redemption of fund Shares for the three months ended June 30, 2025, were typically

All times are Eastern Standard Time:

2 unchanged sentences

Time (EST) NAV

Calculation Date

-1x Short VIX Futures ETF and 2:00 p.m.

March 31, 2025

June 30, 2025

2x Long VIX Futures ETF 2:00 p.m.

March 31, 2025

* Although the Funds’ shares may continue to trade on secondary markets subsequent to the calculation of the final NAV, these times represent the final opportunity to transact in creation or redemption units for the three months ended March 31, 2025.

June 30, 2025

Market value per Share is determined at the close

4 unchanged sentences

may differ from those used in the calculation of certain of the Funds’ final creation/redemption NAV for the three months ended

March 31, 2025.

June 30, 2025.

Investment Valuation

278 unchanged sentences

Statements of Assets and Liabilities

Fair values of derivative instruments as of March 31, 2025

(Unaudited) and December 31, 2024:

Statements of

Assets and Fair Value Statements of

Assets and Fair Value

Liabilities As of March 31, 2025 (Unaudited) Liabilities As of December 31, 2024

-1x Short VIX Futures ETF Location Assets Liabilities Location Assets Liabilities

Fair values of derivative instruments as of June 30, 2025 (Unaudited)

and December 31, 2024:

Statements of Assets and Statements of Assets and

Liabilities Fair Value Liabilities Fair Value

Location As of June 30, 2025 (Unaudited) Location As of December 31, 2024

-1x Short VIX Futures ETF Assets Liabilities Assets Liabilities

Purchased Option Contracts:

6 unchanged sentences

Total fair values of derivative instruments $ 16,091,136 $ -

$ 1,484,000 $ ( 5,346,909 )

2x Long VIX Futures ETF Assets Liabilities Assets Liabilities

4 unchanged sentences

$ ( 78,230,886 ) $ 9,252,011 $ ( 984,305 )

* Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Futures Contracts.

Only current day’s variation margin is reported within the Statements of Financial Condition in receivable/payable on open futures.

cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments.

Only current day’s variation

margin is reported within the Statements of Financial Condition in receivable/payable on open futures.

Statements of Operations

The effect of derivative instruments on the Statement

of Operations for the three months ended March 31, 2025 (Unaudited) and March 31, 2024 (Unaudited):

The effect of derivative instruments on the Statement of Operations

for the three months ended June 30, 2025 (Unaudited) and June 30, 2024 (Unaudited):

Net Realized Gain (Loss) on Derivatives

1 unchanged sentence

For the three months ended

March 31, 2025 (Unaudited)

June 30, 2025 (Unaudited)

For the three months ended

March 31, 2024 (Unaudited)

June 30, 2024 (Unaudited)

-1x Short VIX Futures ETF

14 unchanged sentences

$ ( 29,512,794 )

Net Change in Unrealized Appreciation

(Depreciation) on Derivatives

Net Change in Unrealized Appreciation

(Depreciation) on Derivatives

$ ( 5,105,107 )

$ ( 29,512,794 )

Net Change in Unrealized Appreciation (Depreciation) on Derivatives

For the three months ended

March 31, 2025 (Unaudited)

June 30, 2025 (Unaudited)

For the three months ended

March 31, 2024 (Unaudited)

June 30, 2024 (Unaudited)

-1x Short VIX Futures ETF

10 unchanged sentences

Index Contracts

The following table indicates the average volume

when in use for the quarter ended March 31, 2025 (Unaudited):

-1x Short VIX

$ ( 89,185,485 )

* The amounts disclosed are included in the realized gain (loss)

on investments.

** The amounts disclosed are included in the change in unrealized

appreciation (depreciation) on investments.

The following table indicates the average volume when in use for the

quarter ended June 30, 2025 (Unaudited):

-1x Short VIX Futures ETF

2x Long VIX Futures ETF

Average notional value of long futures contracts

2 unchanged sentences

( 278,413,570 )

The following table indicates the average volume

when in use for the quarter ended March 31, 2024 (Unaudited):

-1x Short VIX

The following table indicates the average volume when in use for the

quarter ended June 30, 2024 (Unaudited):

-1x Short VIX Futures ETF

2x Long VIX Futures ETF

Average notional value of long futures contracts

$ 160,428,055

Average notional value of short futures contracts

( 138,983,945 )

The following table indicates the average volume

when in use for the quarter ended March 31, 2025 (Unaudited):

-1x Short VIX

The following table indicates the average volume when in use for the quarter ended June 30, 2025 (Unaudited):

-1x Short VIX Futures ETF

2x Long VIX Futures ETF

Average notional value of purchased options contracts

The following table indicates the average volume

when in use for the quarter ended March 31, 2024 (Unaudited):

-1x Short VIX

The following table indicates the average volume when in use for the quarter ended June 30, 2024 (Unaudited):

-1x Short VIX Futures ETF

2x Long VIX Futures ETF

Average notional value of purchased options contracts

The effect of derivative instruments on the Statement of

Operations for the six months ended June 30, 2025 (Unaudited) and June 30, 2024 (Unaudited):

Net Realized Gain (Loss) on Derivatives

For the six months ended

June 30, 2025 (Unaudited)

For the six months ended

June 30, 2024 (Unaudited)

-1x Short VIX Futures ETF

Index Contracts

$ ( 3,484,146 )

$ ( 98,163,632 )

$ ( 101,647,778 )

$ ( 6,756,441 )

$ ( 3,484,146 )

$ ( 98,163,632 )

$ ( 101,647,778 )

$ ( 6,756,441 )

2x Long VIX Futures ETF

Index Contracts

$ ( 60,257,560 )

Net Change in Unrealized Appreciation (Depreciation) on Derivatives

For the six months ended

June 30, 2025 (Unaudited)

For the six months ended

June 30, 2024 (Unaudited)

-1x Short VIX Futures ETF

Index Contracts

$ ( 252,000 )

$ ( 4,533,352 )

$ ( 3,861,016 )

$ ( 252,000 )

$ ( 4,533,352 )

$ ( 3,861,016 )

2x Long VIX Futures ETF

Index Contracts

$ ( 86,498,592 )

amounts disclosed are included in the realized gain (loss) on investments.

amounts disclosed are included in the change in unrealized appreciation (depreciation) on investments.

The following table indicates the average volume when in use for the

six months ended June 30, 2025:

-1x Short VIX Futures ETF

2x Long VIX Futures ETF

Average notional value of long futures contracts

$ 638,862,547

Average notional value of short futures contracts

( 285,671,710 )

The following table indicates the average volume when in use for the six months ended June 30, 2024:

-1x Short VIX Futures ETF

2x Long VIX Futures ETF

Average notional value of long futures contracts

$ 153,410,633

Average notional value of short futures contracts

( 134,345,370 )

The following table indicates the average volume when in use for the six months ended June 30, 2025:

-1x Short VIX Futures ETF

2x Long VIX Futures ETF

Average notional value of purchased options contracts

The following table indicates the average volume when in use for the six months ended June 30, 2024:

-1x Short VIX Futures ETF

2x Long VIX Futures ETF

Average notional value of purchased options contracts

Offsetting Assets and Liabilities

11 unchanged sentences

The following table presents each Fund’s derivatives by investment type and by counterparty net of amounts available for offset

under a master netting agreement and the related collateral received or pledged by the Funds as of March 31, 2025 and December 31, 2024.

Fair Values of Derivative Instruments as of March 31, 2025 (Unaudited)

in the Statements of

under a master netting agreement and the related collateral received or pledged by the Funds as of June 30, 2025 and December 31, 2024.

Fair Values of Derivative Instruments as of June 30, 2025 (Unaudited)

Gross Amounts of Recognized Assets presented

in the Statements of Financial Condition

Gross Amounts Offset

in the Statements of

of Assets presented

in the Statements of

Liabilities presented

Statements of

in the Statements of

in the Statements of Financial Condition

Net Amounts of Assets presented

in the Statements of Financial Condition

Gross Amounts of Recognized Liabilities presented

in the Statements of Financial Condition

Gross Amounts Offset

in the Statements of Financial Condition

Net Amounts of Liabilities presented

in the Statements of Financial Condition

-1x Short VIX Futures ETF

1 unchanged sentence

Fair Values of Derivative Instruments as of December 31, 2024

Gross Amounts of

Statements of

in the Statements of

Liabilities presented

Statements of

Gross Amounts of Recognized Assets presented

in the Statements of Financial Condition

Gross Amounts Offset

in the Statements of Financial Condition

Net Amounts of Assets presented

in the Statements of Financial Condition

Gross Amounts of Recognized Liabilities presented

in the Statements of Financial Condition

Gross Amounts Offset

in the Statements of Financial Condition

Net Amounts of Liabilities presented

in the Statements of Financial Condition

-1x Short VIX Futures ETF

1 unchanged sentence

Asset (Liability) amounts shown in the table below

represent amounts owed to (by) the Funds for the derivative-related investments at March 31, 2025 and December 31, 2024.

represent amounts owed to (by) the Funds for the derivative-related investments at June 30, 2025 and December 31, 2024.

These amounts

6 unchanged sentences

for Derivative Instruments”.

Gross Amounts Not Offset in the Statements of Financial Condition as of March 31, 2025 (Unaudited)

(Liabilities)

Statements of

Financial Instruments

for the Benefit

of (the Funds)

Counterparties

Collateral for

the Benefit of

(the Funds) /

Counterparties

Gross Amounts Not Offset in the Statements of Financial Condition as of June 30, 2025 (Unaudited)

Amounts of Recognized Assets / (Liabilities) presented in the Statements of Financial Condition

Financial Instruments for the Benefit of (the Funds) / the Counterparties

Cash Collateral for the Benefit of (the Funds) / the Counterparties

-1x Short VIX Futures ETF

2 unchanged sentences

( 10,640,908 )

Gross Amounts Not Offset in the Statements of Financial Condition as of December 31, 2024 (Unaudited)

(Liabilities)

Statements of

Financial Instruments

for the Benefit

of (the Funds)

Counterparties

Collateral for

the Benefit of

(the Funds) /

Counterparties

Gross Amounts Not Offset in the Statements of Financial Condition as of December 31, 2024

Amounts of Recognized Assets / (Liabilities) presented in the Statements of Financial Condition

Financial Instruments for the Benefit of (the Funds) / the Counterparties

Cash Collateral for the Benefit of (the Funds) / the Counterparties

-1x Short VIX Futures ETF

3 unchanged sentences

NOTE 4 - AGREEMENTS

Management Fee

SVIX pays the Sponsor a management fee (the “Management

10 unchanged sentences

During the period in which Penserra served as the commodity

sub-adviser, the Sponsor oversaw and paid Penserra an annual sub-advisory fee of 0.20 % for its services as commodity sub-adviser,

based on each Fund’s average daily net assets (total assets of the Fund, minus the sum of its accrued liabilities) The Funds did

not directly pay Penserra.

sub-adviser, the Sponsor oversaw and paid Penserra an annual sub-advisory fee of 0.20 % for its services as commodity sub-adviser, based

on each Fund’s average daily net assets (total assets of the Fund, minus the sum of its accrued liabilities) The Funds did not directly

pay Penserra.

Non-Recurring Fees and Expenses

25 unchanged sentences

FINRA advertising rules.

The Marketing Agent retains all marketing materials

separately for the Funds, at their offices located at Three Canal Plaza, Suite 100 Portland, Maine 04101.

The Marketing Agent retains all marketing materials separately

for the Funds, at their offices located at Three Canal Plaza, Suite 100 Portland, Maine 04101.

As compensation for the services it provides, the Marketing

36 unchanged sentences

in the Creation Units they purchase from the Funds to other investors in the secondary market.

Transaction Fees for the three months ended March

31, 2025 (Unaudited) and March 31, 2024 (Unaudited) were as follows:

Transaction Fees for the three months ended June

30, 2025 (Unaudited) and June 30, 2024 (Unaudited) were as follows:

2025 (Unaudited)

2024 (Unaudited)

-1x Short VIX Futures ETF

2x Long VIX Futures ETF

2025 (Unaudited)

2024 (Unaudited)

-1x Short VIX Futures ETF

2x Long VIX Futures ETF

NOTE 7 - FINANCIAL HIGHLIGHTS

Selected data is for a Share outstanding throughout

the three months ended March 31, 2025 (Unaudited) and March 31, 2024 (Unaudited):

the three months ended June 30, 2025 (Unaudited) and June 30, 2024 (Unaudited):

Financial Highlights

-1x Short VIX

-1x Short VIX Futures ETF

2x Long VIX Futures ETF

-1x Short VIX Futures ETF

2x Long VIX Futures ETF

Quarter Ended

2025 (Unaudited)

2024 (Unaudited)

2024 (7) (Unaudited)

Net Asset Value, Beginning of Period

3 unchanged sentences

Net Asset Value, End of Period

Market Value Per Share, at March 31, 2025 and March 31, 2024

Market Value Per Share (3)

Total Return at Net Asset Value (4)

2 unchanged sentences

Expense ratio (6)

Net Investment Loss

(1) Net investment income (loss) per share represents net investment

income (loss) divided by the daily average shares of beneficial interest outstanding during the period.

(2) Due to timing of capital share transactions, per share amounts

may not compare with amounts appearing elsewhere within these Financial Statements.

(3) Market values are determined at the close of the applicable

primary listing exchange, which may be later than when the Funds’ net asset value is calculated.

(4) Percentages are not annualized for the period ended June

30, 2025 and June 30, 2024

(5) Percentages are annualized.

(6) The expense ratio would be 1.54 % and 1.89 % respectively,

for the three months ended June 30, 2025, and 1.67 % and 2.37 % for the three months ended June 30, 2024 if brokerage commissions and futures account fees were excluded.

(7) Adjusted to reflect a 1:10 reverse stock split on January

15, 2025, as if it occurred at the commencement of operations.

See accompanying notes to financial statements.

Selected data is for a Share outstanding throughout the Six Months

Ended June 30, 2025 (Unaudited) and June 30, 2024 (Unaudited)

Financial Highlights

-1x Short VIX Futures ETF

2x Long VIX Futures ETF

-1x Short VIX Futures ETF

2x Long VIX Futures ETF

Six Months Ended

2025 (Unaudited)

2025 (7) (Unaudited)

2024 (Unaudited)

2024 (7) (Unaudited)

Net Asset Value, Beginning of Period

Net investment income (loss) (1)

Net Realized and Unrealized Gain (Loss) on Investments and Futures Contracts (2)

Net Increase (Decrease) in Net Asset Value Resulting from Operations

Net Asset Value, End of Period

Market Value Per Share (3)

Total Return at Net Asset Value (4)

Total Return at Market Value (4)

Ratios to Average Net Assets:

Expense ratio (6)

Net Investment Loss

(1) Net investment income (loss) per share represents net investment

4 unchanged sentences

primary listing exchange, which may be later than when the Funds’ net asset value is calculated.

(4) Percentages are not annualized for the period ended March 31,

2025 and March 31, 2024

(4) Percentages are not annualized for the period ended June

30, 2025 and June 30, 2024

(5) Percentages are annualized.

(6) The expense ratio would be 1.66 % and 2.04 % respectively, for

the three months ended March 31, 2025, and 1.71 % and 2.42 % for the three months ended March 31, 2024 if brokerage commissions and futures

and futures account fees were excluded.

(7) Adjusted to reflect a 1:10 reverse stock split on January 15, 2025, as if it occured at the commencement of operations.

(6) The expense ratio would be 1.58 % and 1.94 % respectively,

for the six months ended June 30, 2025, and 1.69 % and 2.40 % for the six months ended June 30, 2024 if brokerage commissions and

futures account fees were excluded.

(7) Adjusted to reflect a 1:10 reverse stock split on January

15, 2025, as if it occurred at the commencement of operations.

See accompanying notes to financial statements.

271 unchanged sentences

In preparing these financial statements, management

has evaluated Fund related events and transactions for potential recognition or disclosure through the date the financial statements were

There were no other events or translations that occurred during the year that materially impacted the amounts or disclosures in

the Funds’ financial statements.

has evaluated Fund related events and transactions for potential recognition or disclosure through the date the financial statements

There were no other events or translations that occurred during the year that materially impacted the amounts or disclosures

in the Funds’ financial statements.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements